Letter of Intent Signed
InterX PLC
25 April 2000
INTERX PLC ('InterX')
The Board of InterX announces that it has signed a letter of intent with
Bell Microproducts Inc. ('Bell Microproducts') for the sale to Bell
Microproducts of Ideal Hardware plc, InterX's IT distribution
subsidiary, subject to due diligence and the negotiation of a definitive
sale agreement. The transaction will be subject to InterX shareholder
approval.
Bell Microproducts, www.bellmicro.com, a NASDAQ-listed US corporation,
with headquarters in San Jose, California, USA, is one of the world's
largest storage-centric value-added IT distributors.
An extract from Bell Microproducts's NASDAQ announcement made today is
set out below:
'Bell Microproducts (NASDAQ:BELM) announced today that it has
signed a letter of intent to acquire Ideal Hardware plc, a
wholly owned subsidiary of InterX plc.
'Ideal Hardware (www.ideal.co.uk) is a leading UK-based value-
added, storage-centric distributor. With Ideal Hardware, Bell
Microproducts will gain a strong presence in the UK and coverage
of the European continent. Ideal Hardware is focused on the
high end of the storage market with many of the same lines
carried by Bell Microproducts, including IBM, Quantum, Seagate
Technology, Emulex, Crossroads, Gadzoox Networks, and Cobalt
Networks. Ideal also is a leading distributor of Compaq
servers, PCs and storage products, and is one of only 12 Compaq
distributors worldwide to be awarded the prestigious CIP
accreditation for high-end products. Ideal has strategic
relationships with approximately 80 suppliers of enterprise
storage, computer systems, software, and media products. These
strategic products are packaged with Ideal's value-added
programs and services to provide complete NAS, SAS and SAN
solutions, a strategy that mirrors Bell Microproducts storage
solutions initiative for the Americas. Based on InterX's
financial statements, Ideal recorded sales in the fiscal year
ending July 1999 of approximately $500 million, up 39% from the
prior year, and was profitable.
'Bell Microproducts and InterX plc have entered into an
agreement whereby Bell Microproducts will conduct due diligence
and the companies will negotiate a definitive agreement.
About Bell Microproducts Inc.
'Bell Microproducts is a value-added provider of a wide range of
high technology products, solutions, and services to the
industrial and commercial marketplace. The company's offering
includes semiconductors, computer platforms, peripherals, and
storage products of various types including desktop, high-end
computer and storage subsystems, fibre channel connectivity
products, RAID, NAS and SAN storage systems and back-up
products. Bell Microproducts is an industry-recognized
specialist in storage products and is one of the world's largest
storage-centric value-added distributors.
'The company's products are available at any level of
integration from components, to subsystem assemblies, to fully
integrated, tested and certified system solutions. The company
adds value with a broad range of services including testing,
software loading, kitting, mass storage system integration, and
computer system integration. Trained and certified technical
personnel complete each of these processes at Bell
Microproducts' ISO 9002 facilities. Bell Microproducts markets
and distributes more than 100 brand name product lines, as well
as its own BellStor storage and Trademark computer brands, to
original equipment manufacturers (OEMs), contract electronic
manufacturing services (EMS) customers, value-added resellers
(VARs) and system integrators in the Americas and Europe. More
information can be found in SEC filings, or by visiting the Bell
Microproducts Web site at www.bellmicro.com.'
Enquiries:
InterX plc 020 7769 9200
James Wickes jwickes@interx.co.uk
Simon Barker sbarker@interx.co.uk
Simon Miesegaes smiesegaes@interx.co.uk
Charterhouse Securities 020 7248 4000
Colin La Fontaine Jackson clafj@interx.co.uk
College Hill Associates 020 7457 2000
Nicola Weiner nicola@collegehill.com